To buy or not to buy, that is the question.

djPM

Hi, Wanting (needing) some worldly advice please...

Current Situation:
My partner and I live in a 2 bed property. I brought as a shared ownership property (40%) at £225k 5 years ago. We staircased together earlier this year to 100% at £295k. House has been valued recently from a couple of agents at £315-320.

We are perfectly happy here, have no dependants yet and I guess no NEED to move. However, we can get a larger mortgage and have the equity now in the current house to sell and use for a larger property.

So we are thinking, let's invest in our future/family house now - let's start putting our money into and doing that house up rather than the current one that we'd probably move out of in a few years anyway when we want to have a family. We know the area we want to move to and it's good great schools. We are looking at properties around £380-400k.

I guess the bit I'm looking for advice on is should we do the jump or not - we are both in our mid 20's and also want to enjoy this stage of our life together (having nice holidays etc) and by bigger monthly mortgage payments we wont be able to save as much (the payments are affordable, it's just we are keen savers too) but then in a few years it'll be weddings and families to save for so almost feel like we wont have the money then - so when is the best time? I have just got a new job but my OH is looking so we are hoping his salary will jump up (then we will be able to save and be much more comfortable).

We kind of feel there's no right or wrong answer so want to get your advice as you may have some thoughts as 'I'd wish I'd done it younger (or not)'.

Thank so much in advance from a very confused (but trying to be very sensible and proactive) young couple :beer:

Grenage

In your position, if I knew I wanted to move to a particular area, and I knew I wanted to start a family - now is looking like a pretty good time to move - you can secure some excellent interest rates.

House price may or may not come down over the next few years, but if you're looking at an 'end-game' house, it doesn't make any difference.

oneburge16

Personally I would move. I'd want to put my energy, effort and money into a house that had a long term plan attached. Doing that whilst you're comfortable, have no particular drain on your savings and without dependents is a lot easier.

I was in a very similar situation, but for me it was the confidence in my job progression that swayed it - you're best placed to say whether you will continue to earn higher salaries, and whether your OH is realistic about his salary prospects.

I've always gone with a 'stretch to your max' attitude and it served me well, but it's not everyone's style

Lord_Baltimore

Grenage wrote: »

In your position, if I knew I wanted to move to a particular area, and I knew I wanted to start a family - now is looking like a pretty good time to move - you can secure some excellent interest rates.

House price may or may not come down over the next few years, but if you're looking at an 'end-game' house, it doesn't make any difference.

I agree with this.

That said, you don't need our advice. You are a young, hard-working, well paid, well off, sensible couple who know how to make the right choices. Good luck.

lewishardwick

Do it now.

Mate of mine bought a sprog into the world in their 2 bed flat. Moved into a 3 bed house. Moving with a 1 year old and trying to 'decorate' was a nightmare.

They've still not really decorated, three years later.

Fosterdog

Start looking at houses is the area you want now, you may find your dream home within days or it might take a year plus to find the right place. How are properties selling in the area you are in now? Are you likely to get a quick sale?

Pixie5740

If your flat was worth £290k earlier this year and it's now worth £315 (take the estate agent valuation with a pinch of salt though) is the market pretty buoyant in your area? Is there a danger that if you leave it too long you could get priced out of the properties that are £400k today?

If you decide to continue living where you are would you at some stage have to extend the lease should you decide to sell at a later date?

I guess what I'm getting at is that although you want to have lots of spare money now it might be more prudent to jump now. Also, if you want to spend money decorating or fitting a new boiler or whatever you really want to do that in a property you can see yourself living in long terms so that you can enjoy the fruits of your labour. So if it were me I'd be tempted to jump now if the jump will take you to your forever home.

obi1974

This is my 1st post so I may have posted it on the wrong forum. We are looking at a new build townhouse 3double bed in Bucks at 265k.
"I would like some advice about shared ownership as my OH and myself is considering one. Does the rent we pay on the HA share increase whenever the value of the house goes up?and will the HA continue to undertake valuation every year as this could mean that the rent goes up if the value goes up. Is this the norm?
I am asking because the value of the house is likely to increase as it's in Bucks. It's a new build townhouse. We are going into SO with mixed feelings as it's the only feasible option we have as we only have little savings of 10k, joint income of 51,500 with good credit score,c combined debt of 8k which we are diligently paying off.
Is SO a good option as we are trying to get on the ladder and our ages is 42/46 so time not on our side. We have 2 children so need 3 bedrooms.

Your advice and suggestions very welcome.

Thanks "

AnotherJoe

obi1974 wrote: »

This is my 1st post so I may have posted it on the wrong forum.

Thanks "

Not so much that, but butting into someone else's thread is generally frowned upon, and can lead to confusion, especially since you have a very different question.
you'd be better served to start your own thread.

obi1974

Hi how do I start my own thread? Any pointers as am still a newbie.

nubbins

obi1974 wrote: »

Hi how do I start my own thread? Any pointers as am still a newbie.

I don't want to sound like i'm taking the pi%% but click the "New thread" button at the start of the forum. If you don't see the button it maybe because you are new.